Britain's financial watchdog is blocking the restart of London Metal Exchange nickel trade in Asian hours due to doubts about the LME's ability to run an orderly market in that time zone, three sources with knowledge of the matter said.
The world's largest metals trading exchange was forced to suspend all nickel activity for eight days in March 2022, afterThe suspension left consumers and producers without key benchmark prices and damaged the exchange's reputation.
The suspension means volumes will remain under pressure and hamper attempts to re-build market confidence because traders in Asia cannot easily exploit price differences between LME nickel futures and the Shanghai Futures Exchange contract. "The regulator wants the LME to monitor nickel trading and make sure volatility is contained. There's no certainty it can do that when London is asleep," one of the sources with knowledge of the matter said.The exchange's electronic trading system, Select, opens at 0100 London time for the trading of copper, aluminium, zinc and lead contracts. Nickel trading on Select since last March has not started until 0800 London time.
Shortly after the crisis in March, the LME also implemented a 15% daily price limit for nickel prices.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Purdue’s 1st Asian American president takes office weeks after school official mocks Asian languages onstagePurdue University’s first Asian American president has taken office, weeks after a chancellor in its greater school system was criticized for what many considered to be a racist display onstage during a ceremony.
Leer más »
LME told to tighten volatility controls to stop another nickel crisisThe London Metal Exchange needs to overhaul how it oversees live trading to prevent another market collapse after it was forced cancel $4 billion in nickel...
Leer más »
Virgin Orbit's LauncherOne rocket suffers in-flight failure in Britain's first orbital flightThe 747 'Cosmic Girl' jet took off from Cornwall Airport Newquay near Britain's southwest coast in what had been billed as the first orbital launch from the United Kingdom and Western Europe.
Leer más »
Britain's groundbreaking satellite launch ends in failureBritain's attempt to become the first European nation to launch satellites into space ended in bitter disappointment early on Tuesday when Virgin Orbit said its rocket had suffered an anomaly that prevented it from reaching orbit.
Leer más »
Asian markets mixed ahead of U.S. inflation updateStock markets were mixed Tuesday ahead of a U.S. inflation update that traders hope will encourage the Federal Reserve to ease off plans for more interest...
Leer más »
Asian tourism-focused businesses ready for China rebound as border reopensSouth Korean and Japanese shop owners, Thai tour bus operators and K-pop groups are among those celebrating China's border reopening as businesses around Asia rekindle ties with the region's largest economy.
Leer más »